In March 2015 we made a number of key changes in respect of Tricoya® Technologies Limited (‘TTL’) and the Tricoya® project, central to
which was the agreement of a Memorandum of Understanding (‘MoU’) with a large international chemical group (the ‘Chemical Group’) to
replace our joint venture partner, Ineos.
The changes are expected to optimise our participation in the building and operation of the world’s first Tricoya® wood elements acetylation
plant, including allowing Accsys to derive revenue from both licensing and manufacturing in the future.
We also acquired the 50% share in TTL previously owned by Ineos, giving Accsys 100% ownership and control of TTL until a new
ownership structure is established. We are now in detailed discussions with other parties which are expected to lead to the creation of a
new consortium, including the Chemical Group, to fund, build and then operate the Tricoya® production plant.
Accsys and the Chemical Group are now jointly undertaking a detailed site feasibility review to examine whether the plant should be
optimally located on one of the Chemical Group’s existing sites. This feasibility review and related detailed study and engineering work are
expected to be completed by the end of 2015 with the plant expected to be operational by the end of 2017. The Chemical Group is
contributing both financial and technical support during this period.
Medite, our founding Tricoya® joint development partner, also confirmed its interest in participating in the new consortium and on-going
engagement with TTL to realise Tricoya’s® full potential. It is anticipated Medite will remain a key partner in respect of the Tricoya®
production plant which is expected to replace Medite’s own Tricoya® production plant in Ireland under their existing joint development,
production and distribution licence agreement with TTL.
Following Accsys acquiring Ineos’s share in TTL and Ineos relinquishing its obligations as a TTL shareholder, Ineos is continuing to provide
key engineering and technical personnel to TTL on a contractual basis in the near term. As a result of the agreement with Ineos, TTL is fully
consolidated by Accsys as at 31 March 2015.
The above changes have been made at the end of a year that has seen sales of Medite Tricoya® increased by approximately 73%
compared to the year before. Growth was across Medite’s key markets and being used in façade cladding, siding, trim, outdoor furniture
and wet interior applications. In addition to the business developing through distributors, growth was also realised with industrial
customers, such as producers of exterior doors.
Intellectual Property
Accsys has considerably increased its number of pending patent applications in the recent period by expanding its patent families to 19,
including those relating to Tricoya®. Applications filed now number 157, filed in 50 countries. To date 27 patents have been granted in
various countries throughout the world.
Our principal trademark portfolio remains unchanged with our brands Accoya®, Tricoya®, the Trimarque device and Accsys®, including
transliterations in Arabic, Chinese and Japanese, protected by registration in 56 countries.
The Company’s patents and trademarks cover the products we and our distributors and licensees sell, and the processes by which these
products are made, throughout the world.
In addition to Accsys’s extensive patent and trade-mark portfolio, the Company continues to invest in the generation and protection of
valuable know-how and confidential information relating to its products and processes, protected by way of confidentiality protocols and
contractual agreements.